INEC had declared Mr Shado the winner of the by-election in Kogi.
Mr Hundeyin said police teams were immediately deployed to the scene, but the mob fled upon sighting officers.
In the past six weeks, the country has recorded several cases of mob killings.
Mr Sanusi emphasised the need for these laws to combat the growing trend of jungle justice in Nigeria.
The monarch said there had been stolen genitals around Karu, Masaka, Ado, New Nyanya and the latest in Sharp Corner in the past weeks.
The police command in Ondo, on Tuesday, said it arrested two suspects for allegedly stoning a 35-year-old driver, Tope Olorunfemi, to death in Akure.
Ayomide Fawehinmi, 22, was rescued from a mob in the Empire Area of Surulere in Lagos.
According to an eyewitness, the suspects took to their heels after allegedly stealing the motorcycles but were caught by commercial motorcyclists.
